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ASX RELEASE 29 April 2013

INVESTMENT HIGHLIGHTS

Developing a major coking coal province:

- Amaam 412Mt total Resource: 349Mt InferredB and 63Mt IndicatedC

- Amaam North: 30-430Mt Exploration TargetD

- Combined Resources and Exploration Target of over 1Bt

Amaam:

- Project 25km from planned port site and only 8 days shipping to China, Korea and Japan

- High vitrinite content (>90%) coking coal with excellent coking properties

- PFS completed

Amaam North:

- Initial Resource definition drilling completed

- Drilling has confirmed presence of thick coking coal seams

- Project 35km from existing Beringovsky coal port

BOARD OF DIRECTORS & CEO

Antony Manini Executive Chairman

Brian Jamieson Independent Non-executive Director

Owen Hegarty Non-executive Director

Craig Wiggill Non-executive Director

Craig Parry Chief Executive Officer Tigers Realm Coal Limited ACN 146 752 561 ASX code: “TIG”

Level 7, 333 Collins Street Melbourne VIC 3000 T: (+61) 3 8644 1326

Quarterly Activities Report Quarter ended 31 March 2013

Amaam Coking Coal Project Highlights:

Comprehensive Pre-feasibility Study (PFS) completed which confirms Amaam to be an economically robust large-scale, long life open pit and underground project, with dedicated transport infrastructure and extensive upside potential.

Chukotnedra, the Chukotka Branch of the Federal Subsoil Agency, issued TIG’s Russian subsidiary company NPCC with a Mining Licence over the area covered by its mining licence application. This enables TIG to exercise its right to increase ownership of NPCC and the Amaam Project to 60%.

Amaam coal terminal proposal included in Russian

Federal Government Territorial Planning Scheme enabling TIG to commence detailed engineering and design.

Amaam North confirmed as a significant new coking coal

discovery. Work continues at pace to delineate an initial JORC compliant Resource Estimate.

Corporate Highlights:

Successful $21.2 million placement of 106 million shares at $0.20 per share completed.

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Tigers Realm Coal (ASX: TIG) ASX Release – 29 April 2013

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AMAAM COKING COAL PROJECT Tigers Realm Coal is earning up to 80%A in the Amaam Coking Coal Project which is located in the Chukotka Province of far eastern Russia. The Amaam Coking Coal Project consists of two tenements: Amaam (TIG is moving to 60% post the granting of a mining licence, and 80% on completion of a BFS) and Amaam North (TIG owns 80%).

Location map of the Amaam Coking Coal Project and Proposed Port Site at Arinay Lagoon

Positive Amaam Pre-feasibility study completed

The comprehensive PFS on the Amaam Coking Coal project was completed in the March quarter and the results announced to the ASX on April 15. The full and detailed report on the PFS may be found on our website, www.tigersrealmcoal.com The Amaam Project PFS primarily focussed on the open pit potential of the Amaam Resource comprising three main components:

1. An open pit mine, coal handling and preparation plant (CHPP), and associated infrastructure on the Amaam Licence.

2. A 25 km all-weather road and rail line to a coal terminal located on the north shore of Arinay Lagoon.

3. A coal terminal with loading facilities for shipment of coking coal to export markets.

In addition, the PFS addressed (at a lower level of study accuracy) the potential for coking coal production from the remaining Resources and Exploration Target across both Licences. This production potential includes:

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On the Amaam Licence

1. Underground mining of coal Resources below the Amaam open pit. 2. Open pit, high-wall/auger and/or underground mining of the Cretaceous coal seams in the

Exploration Target lying stratigraphically below the Middle Chukchi coals.

On the Amaam North Licence

1. A low capital, early production open pit mine based on thick, near-surface, Lower Chukchi formation coal seams in the Exploration Target, with low ash, direct shipping potential via the existing Beringovksy Port.

2. Large-scale open pit and underground operations (akin to Amaam), based on the Middle Chukchi Exploration Target, with a CHPP producing coking coal for transportation by rail to the proposed new coal terminal at Arinay Lagoon.

The PFS demonstrates capacity for production of 6.5Mpta of coking coal comprising 5Mtpa from the open pit and 1.5Mtpa from underground mining over the 20-year life-of-mine (LOM). Total free-on-board (FOB) costs, including mining, washing, administration, rail, port and Russian state royalties, are estimated to average US$98.01/t of saleable product over LOM. The Project economics are strong, with an NPV of US$885M and an IRR of 19%. (Discount rate at 10% real, after-tax and long-term coking coal price of US$190/tonne).

Key PFS metrics are summarised in the table below:

TIG will now continue with the Bankable Feasibility study on the Amaam Coking Coal Project with ongoing work programs aimed at assessing options to further enhance Project value, including increasing open pit resources from further drilling at Amaam, extending the underground mine life beyond the initial 20 year LOM and improving coking coal yields by further processing of coarse middlings.

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Specific work programs will include:

1. Moving the Amaam Project through the Bankable Feasibility Stage. a. Three drill rigs are currently completing a ~6,500m program focussed on Area 3 to

provide an upgrade to the Resources in the initial production area, and to provide data for the conversion of the remaining part of Area 3 to a Mining Licence.

b. Undertaking a bulk sample for pilot plant processing, and further clean coal and coke testwork. Work on taking the bulk sample with an auger drill rig has commenced.

c. Undertaking field work, data collection and ongoing optimisation studies (based on the PFS) to fully define the BFS scope of works.

2. Continuing to expand the coal Resources across the two Licences through targeted exploration programs.

3. Continuing to progress permitting of the Projects to ensure milestones in the Project development schedule are met.

Amaam Base Case Project Production Schedule

Amaam Exploration and Mining Licence issued by Chukotka Subsoil Agency, Chukotnedra

During the March quarter Chukotnedra, the Chukotka Subsoil Resource Management Agency, formally advised TIG’s Russian subsidiary North Pacific Coal Company (NPCC) of its decision to issue NPCC a licence to mine and explore for coal in the part of the Amaam deposit covered by TIG’s initial mining licence application. This initial application covered approximately 40% of Area 3 which is targeted for early life open pit mining. Area 3 contains 36.5Mt of Indicated ResourcesC and 117Mt of Inferred ResourcesB .

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As sufficient additional drilling and study work is completed to convert Resources into Reserves for inclusion in the mine plan, TIG will apply for a Mining Licence(s) covering the remainder of the Amaam coking coal deposit. Total Amaam Resources currently comprise 412Mt of coking coal. The issuance of the Mining Licence now enables TIG to exercise its right to move to 60% beneficial ownership (from 40%), with completion of formal ownership transfer documents currently underway. TIG will move to 80% ownership upon completion of a Bankable Feasibility Study. Amaam North remains 80% owned by TIG.

NPCC’s proposal to construct a coal terminal at Arinay Lagoon was included in The Government of the Russian Federation Scheme of Territorial Planning

A further significant milestone achieved in the March quarter was the inclusion of NPPC’s (TIG’s subsidiary in Russia) proposal to construct a specialized 15Mtpa coal terminal at Arinay Lagoon to service the Amaam project in the Russian Federal Government’s most recent Scheme of the Territorial Planning (STP) of the Russian Federation covering federal transport (railway, air, sea and inland water transport) and federal roads. This is a key milestone for TIG and supports its plan to proceed to the detailed design and engineering phase of the Arinay coal terminal development. TIG will now move to complete this work as part of the Amaam bankable feasibility study. Work completed so far includes preparation of preliminary scopes of work and contracts for the marine studies to be undertaken in summer of 2013 and winter in early 2014. The scope covers:

1. Climate – temperature, precipitation, wind etc. 2. Sea floor surveys 3. Coastal currents. 4. Shoreline and coastal sediment movement and loadings. 5. Wave height and tides.

Mining Licence Application Area

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6. A sonar geophysical survey. 7. Ice conditions.

This outcome and the granting of the Mining Licence at Amaam continue to demonstrate TIG’s ability to achieve permitting milestones in a timely manner and also further demonstrate the Russian and the Chukotka Governments support for development of the Amaam project and related infrastructure.

Health, Safety, Environment & Community HSEC activities for the site focussed on the successful continuation of the winter drilling program and the implementation and maintenance of controls to manage the Project’s HSEC risks. A key focus was the commencement and completion of drilling at the Amaam North tenement.

A core component of the Project’s social baseline studies program commenced at the end of the quarter. This involved an experienced Social Scientist from Golder Associates and the Company’s Community Liaison Officer visiting the settlements nearest to the Project to gather baseline data. Baseline data collection will occur through interviews, focus groups and meetings. Data collection activities will also be used to further strengthen information disclosure regarding the Project. These meetings will be reflected in the final Stakeholder Engagement report, which will form part of the Project’s Environment and Social Impact Assessment report.

Planning commenced for the 2013 environmental baseline studies programs.

Post Quarter event – Amaam North confirmed as a significant new coking coal discovery after completion of the initial drilling program On April 23 TIG announced the completion of the initial drilling program on Deposit F at Amaam North. 40 drill holes were completed totalling 3087m of which 2864m was for exploration with the remainder for hydrogeology. The program was aimed at drilling out an area at a spacing that would support definition of Coal Resources in accordance with the JORC Code. Drill hole depths ranged from 30 to 160m and targeted coal from sub-crop to depths of around 130m. The map below shows drill hole locations, seam thicknesses and depth to coal for each hole.

Most drill holes intersected coal, with a range of cumulative thicknesses between 2 and 11m.

Stand-out holes in the program include:

AL13042: Cumulative coal thickness of 11.2m, 10.3m below surface AL13045: Cumulative coal thickness of 8.0m, 4.5m below surface AL13017: Cumulative coal thickness of 7.6m, 6.3m below surface AL13041: Cumulative coal thickness of 9.0m, 14.9m below surface

The drilling program has confirmed the continuity of shallow dipping coal seams over a 3.1km strike length and down dip to 600m. The depth of cover varies from 5 to 115m. Coal quality data from one drill hole completed in 2008 and TIG outcrop sampling in 2012 indicates a mid-volatile, low ash coal. Results on coal quality from the completed program are expected in coming weeks, and TIG expects to report an initial coal Resource in Q2 2013.

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Deposit F Geological Map showing all drill holes completed in the initial drilling program; strike and dip extents of the deposit tested to date; and section lines for sections in following figures

Coal

seam

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to ro

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35km

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oal p

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Amaam North – Deposit F - Long section showing coal seam orientation and thicknesses along strike

Amaam North – Deposit F - Cross section showing coal seam orientation and thicknesses down dip. Note that the shallow dipping coal seams are sub-parallel to the land surface.

Exploration Upside at Amaam North

The coal seams at Deposit F remain open along strike to the east and west and down dip to the north. TIG considers it probable that drilling along these axes will lead to the delineation of further coal resources and additional drilling is planned to test this.

Summer field work will focus on refining subcrop locations and surface geology to guide site selection for the next drilling program. The program will utilise a re-interpretation of surface geology based on recently acquired Ikonos satellite photography.

Elsewhere on the 30 x 15km Amaam North Licence TIG has identified significant potential for further coking coal deposits. As previously reported TIG engaged an independent consultant geologist to define

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an Exploration Target for the Licence based on data collected to June 2012 (see map below). This work outlined an Exploration Target of 30 to 430 Mt (see table below for further details) and was released in ASX announcement dated 27 November 2012.

Amaam North Coking Coal Basin Geology Map showing location and thicknesses of outcropping coal seams that make up the basis for the Amaam North Exploration Target

Amaam North Exploration Target*

Lower Chukchi Coal (Mt) Middle Chukchi Coal (Mt) Total (Mt)

Open Pit 5 to 80 20 to 220 25 to 300

Underground 5 to 65 0 to 65 5 to 130

Total 10 to 145 20 to 285 30 to 430 *As reported by Neil Biggs of Resolve 27 November 2012

18km to road and 35km to

coal port

Deposit F

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Early Production Potential at Amaam North

TIG is continuing to examine potential for the thick Lower Chukchi coal seams at Deposit F of Amaam North to support the development of a low capital cost, low operating cost, open pit coking coal mine.

Key parameters highlighting this potential opportunity at Deposit F are:

1. Thick near surface seams which should allow Resources to be defined with low metreage, low cost drilling programs.

2. Likely low stripping ratios (the Lower Chukchi outcrop and recently completed holes indicate local shallow dips of 10-15 degrees).

3. Presence of thick, low ash seams with coking properties. 4. The project is located approximately 35km from the existing Beringovsky coal port and

transport by truck to the port on winter roads is readily achievable. 5. The Beringovsky port which is currently operating for the nearby Nagornaya mine is

underutilised. It has historically shipped up to 900,000 tonnes of coal per summer shipping season.

Amaam Resource Estimate

The following tables detail the Amaam Resource Estimate. Totals below may not sum due to rounding.

Indicated ResourcesC for the Amaam Project (100% basis):

Area Open Pit1 (Mt) Underground2 (Mt) Total (Mt) Area 2 0 0 0

Area 3 36.3 0.2 36.5

Area 4EC 25.7 0.3 26.0

Total (rounded) 62 0.5 62.5

Inferred ResourcesB for the Amaam Project (100% basis):

Area Open Pit1 (Mt) Underground2 (Mt) Total (Mt) Area 2 8 0 8 Area 3 108 9 117 Area 4EC 124 101 224 Total (rounded) 240 109 349

Total Indicated and Inferred Resources for the Amaam Project (100% basis):

Area Open Pit1 (Mt) Underground2 (Mt) Total (Mt) Area 2 8 0 8 Area 3 145 9 154 Area 4EC 150 101 250 Total (rounded) 302 110 412

1. Assumes coal seams greater 0.3m to a depth of 400m 2. Assumes coal seams greater than 1.2m to a depth below 400m from surface

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A plan of the Amaam deposit illustrating the surface geology and extent of the Resources and Exploration TargetD is shown in the following figure.

The drilling program continues to confirm TIG’s geological interpretation of the deposit as a large scale, high quality, coking coal resource. While the average cumulative thickness of the deposit is estimated to be between 10-11m, drill holes have intersected cumulative coal thicknesses up to 25m.

The confidence in the geological setting and disposition of the coal formation has greatly improved with the 11,301 m of additional drilling used for this Resource Estimate. Large parts of Area 3 are now drilled to a spacing of around 600m and a large extent of Area 4EC are drilled to a spacing of around 800m.

Tigers Realm believes the determination of coal volumes within the Inferred ResourceB Estimate is at a higher confidence level than the classification implies however, because of lower core recovery, particularly in the programs prior to Tigers Realm Coal taking over management of the Project, and thinner seams (between 0.3m and 1.0m) which were not sampled in drill programs prior to Tigers Realm Coal’s involvement, these Resources cannot yet be classified as Indicated however a modest amount of infill drilling in future will see the upgrading of these Resources to higher confidence levels.

Amaam geological plan showing distribution of IndicatedC, Inferred ResourcesB and Exploration TargetD

CORPORATE

During the quarter TIG successfully completed in two tranches a $21.2 million placement of 106 million shares at $0.20 per share. Approval of the second tranche of shares was received from shareholders at the Annual General Meeting on April 23. Net proceeds from the placement will be used towards further drilling and technical studies at Amaam and Amaam North and for corporate and working capital purposes.

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Capital Structure (as at 31 March 2013)

Ordinary shares on issue: 338,961,480

Escrowed ordinary shares: 141,994,989

Total shares on issue 480,956,469

Options on issue: 45,878,650

Further details about Tigers Realm Coal can be found at www.tigersrealmcoal.com

For further information, contact: Craig Parry, Chief Executive Officer +61 3 8644 1326 David George, Manager Investor Relations +61 3 8644 1322

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About Tigers Realm Coal Limited (ASX: TIG)

Tigers Realm Coal Limited (“TIG”, “Tigers Realm Coal” or “the Company”) is an Australian based resources company. The Company’s vision is to build a global coking coal company by rapidly advancing its projects through resource delineation, feasibility studies and mine development to establish profitable operations.

Competent Persons Statement

The information compiled in this announcement relating to Exploration Results or Mineral Resources at Amaam is based on information provided by TIG and compiled by Neil Biggs, who is a member of the Australasian Institute of Mining and Metallurgy and who is employed by Resolve Geo Pty Ltd. Neil has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Neil Biggs consents to the inclusion in the announcement of the matters based on his information in the form and context which it appears.

The information compiled in this announcement relating only to Exploration Results or Mineral Resources at Amaam North is based on information provided by TIG and compiled by Charles Parbury, who is a member of the Australasian Institute of Mining and Metallurgy and who is employed by McElroy Bryan Geological Services Pty Ltd. Charles has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Charles Parbury consents to the inclusion in the announcement of the matters based on his information in the form and context which it appears. Any reference to Exploration Target at Amaam North was compiled by Neil Biggs of Resolve in an earlier ASX announcement dated 27 November 2012.

Note A – Tigers Realm Coal’s interests in the Amaam Coking Coal Project

Amaam tenement: TIG’s current beneficial ownership is 60% as a mining licence has been granted. TIG moves to 80% upon completion of a bankable feasibility study and cancellation of all loans made by TIG and its subsidiaries to Eastshore Coal Holding Limited (TIG is funding exploration and development by way of loans to Eastshore), the 100% parent of the license holder.

Amaam North tenement: TIG has now moved to 80% beneficial ownership of the Russian company which owns the Amaam North exploration license, Beringpromugol LLC, by acquiring 80% of Cyprus company Rosmiro Investments Limited from its current owner BS Chuchki Investments LLC (“BSCI”). In consideration for the acquisition, TIG has made a cash payment to BSCI of US$400,000. TIG has also agreed to fund all project expenditure until the completion of a bankable feasibility study. After completion of a bankable feasibility study each joint venture party is required to contribute to further project expenditure on a pro-rata basis. BSCI is also entitled to receive a royalty of 3% gross sales revenue from coal produced from within the Amaam North license.

Note B – Inferred Resources

According to the commentary accompanying the JORC Code, “the Inferred category is intended to cover situations where a mineral concentration or occurrence has been identified and limited measurements and sampling completed, but where the data are insufficient to allow the geological and/or grade continuity to be confidently interpreted. Commonly, it would be reasonable to expect that the majority of Inferred Mineral Resources would upgrade to Indicated Mineral Resources with continued exploration. However, due to the uncertainty of Inferred Mineral Resources, it should not be assumed that such upgrading will always occur. Confidence in the estimate of Inferred Mineral Resources is usually not sufficient to allow the results of the application of technical and economic parameters to be used for detailed planning. For this reason, there is no direct link from an Inferred Resource to any category of Ore Reserves. Caution should be exercised if this category is considered in technical and economic studies.”

Note C – Indicated Resources

According to the commentary accompanying the JORC Code “An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource, but has a higher level of confidence than that applying to an Inferred Mineral Resource.”

Note D – Exploration Target

The exploration target is based on drilling and associated exploration studies undertaken so far. The potential quality of the exploration target is conceptual in nature, and there has been insufficient exploration to date to define a mineral resource within the meaning of the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("JORC Code"). Furthermore, it is uncertain if further exploration at its exploration target will result in the determination of a mineral resource.

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